PETALING JAYA: Land & General Bhd (L&G), a property developer, expects to remain profitable in the current financial year, helped by its newly-launched joint venture project, called The Elements in Ampang.
The firm has projects with a gross development value of about RM700 million.
The property developer posted a net profit of RM29.54 million in the financial year ended March 31 2010, nearly double the RM15.31 million net profit it posted in the previous corresponding period.
Up to the nine months ended December 31 2010, the company's net profit stood at RM13.4 million.
"We expect our ongoing commercial project, 8trium in Bandar Sri Damansara to help improve profits for the next three years," executive director Ferdaus Mahmood told Business Times after the company's extraordinary general meeting (EGM) in Bandar Sri Damansara yesterday.
At the EGM yesterday shareholders voted on a plan to buy 10 parcels of land with a 27 hole golf house in Negri Sembilan for RM25 million.
"Apart from the golf course we will develop it into residential project," he said, adding that the company will use internally generated funds to acquire the assets.
Meanwhile, speaking on its newly launched project - The Elements, Ferdaus said that the project is a joint venture with Malaysia Land Properties Sdn Bhd.
The concept of The Elements project is to cater for young urbanites looking for a sanctuary within the city.
The project features some 1,000 units of high-end studios, one- and two-bedroom condominiums, as well as lifestyle and retail components.
The 8trium comprises a two-storey 100,000 sq ft retail podium and 260 units of office suites contained in two blocks.
By Business Times
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